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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2435 E Greenway Pkwy Phoenix, AZ 85032

    • Drug stores
    • 13,906 SF
    • 2.64 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0326907
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Joseph Mawyer / Family Practice Physician
    • FedEx OnSite / Mailing Service
    • Katie C. McHugh, Pharm / Pharmacy
    • Allison M. Miller, PharmD / Pharmacy
    • Walgreens Photo / Photo Lab / Photo Shop

    Property Details for 2435 E Greenway Pkwy

    Year built
    1999
    Construction
    CONCRETE
    Lot size
    2.64 lot acres
    Property size
    13,906 SF
    Zone code
    C-1
    Property type
    Drug stores
    APN
    214-40-372
    APU
    21440372

    Description

    This exceptional freestanding retail property, located at 2435 E Greenway Pkwy in Phoenix, Arizona, presents a unique investment or lease opportunity. The 13,905 square foot building sits on a 2.644-acre lot and is currently vacant. Its strategic location at the intersection of Greenway Parkway and Cave Creek Road offers excellent visibility and accessibility, boasting over 71,000 vehicles per day. The property benefits from multiple access points and is conveniently situated near State Route 51 and a variety of retail amenities. The C-2 zoning allows for a wide range of commercial uses. The property's prominent location allows for monument signage along both Greenway Parkway and Cave Creek Road, maximizing brand exposure. This former Walgreens location offers a substantial footprint, ideal for a variety of retail concepts. The property's size and location within a densely populated residential area make it an attractive option for businesses seeking high visibility and strong customer traffic. The Maricopa County Assessor's Parcel Number (APN) is 214-40-372. The property is available for lease or ground lease.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,231,000
      Market price range: $1.60M - $6.38M
      AI Estimate
      $6,231,000
      Market price range: $1.60M - $6.38M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,905,000
      Current use
      COMMERCIAL (GENERAL)
      $9,685,000
      Change: +148% Conversion: Easy
      RESTAURANT
      $7,425,000
      Change: +90% Conversion: Easy
      AUTO REPAIR, GARAGE
      $5,875,000
      Change: +51% Conversion: Difficult
      OFFICE BUILDING
      $4,205,000
      Change: +8% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.029
    Latitude
    33.6309
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $50,279
    $0.00
    $0.00
    $694,362
    -
    $1,813,100
    $2,395,155
    $4,208,255

    Comparable in this City

    • Value Estimation
      $5,870,000
      12,788 SF

      3975 Thunderbird Rd

      DRUG STORE, PHARMACY • 12,788 SF
      3975 Thunderbird Rd, Phoenix, AZ 85032-5711
      View Details
    • Value Estimation
      $6,545,000
      15,047 SF

      4323 Bell Rd

      DRUG STORE, PHARMACY • 15,047 SF
      4323 Bell Rd, Phoenix, AZ 85032-2250
      View Details
    • Value Estimation
      $6,455,000
      14,060 SF

      4006 Bell Rd

      DRUG STORE, PHARMACY • 14,060 SF
      4006 Bell Rd, Phoenix, AZ 85032-2232
      View Details
    • Value Estimation
      $6,970,000
      15,222 SF

      15450 Tatum Blvd

      DRUG STORE, PHARMACY • 15,222 SF
      15450 Tatum Blvd, Phoenix, AZ 85032-4241
      View Details
    • Value Estimation
      $1,030,000
      2,244 SF

      12802 Tatum Blvd

      RETAIL STORES (PERSONAL SERVICES) • 2,244 SF
      12802 Tatum Blvd, Phoenix, AZ 85032-7729
      View Details
    • Value Estimation
      $1,030,000
      5,878 SF

      3121 Greenway Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,878 SF
      3121 Greenway Rd, Phoenix, AZ 85032-4454
      View Details

    Similar Nearby for Sale

    • $1,500,000
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      Phoenix Retail with Automotive Zoning

      Turnkey retail opportunity with high visibility and strong demographics.
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    • $568,000

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      Freestanding Restaurant with Drive-Thru Potential

      Phoenix restaurant space for lease with drive-thru opportunity.
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    Similar Nearby for Lease

    • Contact for pricing
      10,695 SF

      Former Walgreens Retail Space Available

      13,905 SF retail space on 2.644 acres for lease.
      2435 E Greenway Pkwy, Phoenix, AZ 85032
      View Details
    • Contact for pricing
      54,430 SF

      Anchored Retail Space For Lease

      100% occupied retail space with busy anchors in Phoenix, AZ.
      13843 N Tatum Blvd, Phoenix, AZ 85032
      View Details
    • $11 SF/Yr
      1,200 SF

      Retail Space Near Paradise Valley

      Retail space with high traffic, near SR-51 and Paradise Valley.
      3851-3923 E Thunderbird Rd, Phoenix, AZ 85032
      View Details
    • Contact for pricing
      1,386 SF

      Retail Space For Lease

      Retail space available for lease with convenient freeway access.
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      View Details
    • $20 SF/Yr
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      Retail Space on Greenway Road

      Retail space with frontage and signage on E Greenway Rd.
      3305 E Greenway Rd, Phoenix, AZ 85032
      View Details
    • Contact for pricing
      1,408 SF

      Retail Space in Dense Neighborhood

      Retail spaces available in high-traffic Phoenix location.
      15530 N Tatum Blvd, Phoenix, AZ 85032
      View Details
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    Phoenix, AZ 85032
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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